The Daily View for Gold
- At the moment, XAUUSD’s price is up $7.65 (0.43%) from the day prior.
- The daily chart shows that Gold has seen 3 straight up days.
- If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 100 day timeframe.
- Regarding moving averages, it should first be noted that price has crossed the 20 day moving average, resulting in them with price now being above it. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
- Divergence between XAUUSD’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in XAUUSD’s price.
Below is a daily price chart of Gold.
Featured Gold Idea From TradingView
Below is a trading comment entitled How to Elliot Wave – Based on XAUUSD (Gold) – By RT_Trading_ you may find interesting:
Hi Trader, My name is Raffa and I am one of the two members of RT-Trading. We are a very passioned trading duo and our main goal is to change the trading market, at least when it comes to working with the future customer. Lately the reputation of trading coaches has suffered tremendously due to bad signal groups. That is exactly what we want to change. We also provide signals in our group, but only when we are sure of our cause. Still, our primary goal is to teach future traders to make their own decisions based on their expertise. We want to bring this expertise closer to you step by step. Today we want to start exactly with that. My trading expertise is based on one of the oldest charting techniques that exists alongside the Dow theory – The Elliot Wave Theory. The Elliot Wave Theory was founded by R. N. Elliot in 1934 and today represents one of the most important milestones in chart analysis. Elliot found that the markets move in repetitive patterns that are characterized by waves. These waves happen everywhere. Be it in the commodity, stocks or forex market – they are ubiquitous.This tutorial is intended to bring you closer to the Elliot Wave theory using the current Gold ( XAUUSD ) chart, so that you can successfully incorporate it into your trading. If you have any questions in this regard (since not all rules can logically be covered by a chart), don’t be afraid to write us a private message. So, let’s get started. First of all, I would like to clarify why I use the gold chart to bring you closer to the Elliot Wave theory. R. N. Elliot has done most of his research on the Dow Jones Index and the Gold Chart. So the Elliot Wave Theory, at least in my experience, is optimal to apply to these charts. But it also works with Bitcoin , for example. The EW theory is a theory that is applied to the trend of the market. A distinction is made between bull and bear markets. It works identically in both cases, except that the chart is inverted. A distinction is made between motif and correction waves. Motive waves consist of a total of 5 waves, which differ in waves 1-5. Correctional waves are waves that occur after the success of the 5 previous motive waves. For the waves 1-5 a distinction is again made between wave 1, 3, 5 and wave 2 and 4. As you can see in the chart, waves 2 and 4 are corrective waves of motive waves 1, 3 and 5. The Fibonacci numb…